,,ii  #aafth ,,congress  #b;d ,session  
,s4 #ddgj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,august #f1    
#bjbj,mr4 ,tester 7for himself1 ,mr4    
,king1 ,mr4 ,romney1 ,mrs4 ,shaheen1    
,mr4 ,coons1 and ,mr4 ,perdue7          
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,agriculture1 ,nutrition1 
and ,forestry  ,a ,,bill  ,to authorize 
the ,secretary of ,agriculture to       
subsidize payments on loans made under  
certain rural development loan programs1
 and for other purposes4  #a4 ,short    
title ,this ,act may be cited as the    
,rural ,equal ,aid ,act of #bjbj4  #b4  
,subsidy for certain rural development  
loan payments  7a7 ,definition of       
covered loan ,in this section1 the term 
covered loan means-- 7#a7 a community   
facilities guaranteed loan under section
 #cjf7;a7 of the ,consolidated ,farm and
 ,rural ,development ,act 7#g ,u4,s4,c4 
#aibf7;a772  7#b7 a business and        
industry guaranteed loan under section  

#caj;,b7g7 of that ,act 7#g ,u4,s4,c4   
#aicb7;g772  7#c7 a loan that is made by
 an intermediary lender to an ultimate  
recipient using a loan received under   
section #acbc of the ,food ,security    
,act of #aihe 7#g ,u4,s4,c4 #aicb note2 
,public ,law #ii-aih72 and  7#d7 a loan 
that is made by a microenterprise       
development organization to a           
microentrepreneur under section #cgi;,e 
of the ,consolidated ,farm and ,rural   
,development ,act 7#g ,u4,s4,c4 #bjjhs74
  7b7 ,principal and interest payments  
7#a7 ,in general ,the ,secretary of     
,agriculture 7referred to in this       
section as the ,secretary7 shall pay the
 principal1 interest1 and any associated
 fees that are owed on a covered loan in
 a regular servicing status-- 7,a7 with 
respect to a covered loan made before   
the date of enactment of this ,act and  
not on deferment1 for the #f-month      
period beginning with the next payment  
due on the covered loan2  7,b7 with     
respect to a covered loan made before   

the date of enactment of this ,act and  
on deferment1 for the #f-month period   
beginning with the next payment due on  
the covered loan after the deferment    
period2 and  7,c7 with respect to a     
covered loan made during the period     
beginning on the date of enactment of   
this ,act and ending on the date that is
 #f months after that date of enactment1
 for the #f-month period beginning with 
the first payment due on the covered    
loan4  7#b7 ,timing of payment ,the     
,secretary shall begin making payments  
under paragraph 7#a7 on a covered loan  
not later than #cj days after the date  
on which the first payment described in 
that paragraph is due4  7#c7            
,application of payment ,any payment    
made by the ,secretary under paragraph  
7#a7 shall be applied to the covered    
loan such that the borrower is relieved 
of the obligation to pay that amount4   
7c7 ,other requirements ,the ,secretary 
shall-- 7#a7 communicate and coordinate 
with the ,federal ,deposit ,insurance   

,corporation1 the ,office of the        
,comptroller of the ,currency1 and      
,state bank regulators to encourage     
those entities to not require lenders to
 increase their reserves on account of  
receiving payments made by the          
,secretary under subsection 7b72  7#b7  
waive statutory limits on maximum loan  
maturities for any covered loan         
durations where the lender provides a   
deferral and extends the maturity of    
covered loans during the #a-year period 
following the date of enactment of this 
,act2 and  7#c7 when necessary to       
provide more time because of the        
potential of higher volumes1 travel     
restrictions1 and the inability to      
access some properties during the       
,,covid-#ai pandemic1 extend lender site
 visit requirements to-- 7,a7 not more  
than #fj days 7which may be extended at 
the discretion of the ,secretary7 after 
the occurrence of an adverse event1     
other than a payment default1 causing a 
loan to be classified as in liquidation2

 and  7,b7 not more than #ij days after 
a payment default4  7d7 ,effect ,nothing
 in this section limits the authority of
 the ,secretary to make payments        
pursuant to subsection 7b7 with respect 
to a covered loan solely because the    
covered loan has been sold in the       
secondary market4  7e7 ,authorization of
 appropriations ,there are authorized to
 be appropriated to the ,secretary such 
sums as are necessary to carry out this 
section4